I would recommend personally that your first investment deals would be either in  your area or influence or be overseas.

You could however discuss a transaction where you could put little or no money down since the sale price is substantially less than the value.  

As far as real estate investing goes, I don't expect the PACES Act to have a substantial impact.

Build your base and circle of influence & power team.

Because my self-employment income records show a substantial amount of income from my previous employer in 2015, the few banks I've discussed mortgages with say I have to wait til the end of 2016 for a full year's self-employment income.

I now enjoy some substantial cash flow, and am repeating the process on the Southwest side of downtown.I plan to do this yet again, when I have that $40,000 that you have, come November/December of this year.

Build your power team, circle of influence and network base.

Build your power team, circle of influence and build relationships.

With the huge government influence our economy is largely recession proof.  

I've reached out to a couple of mortgage brokers but as someone fresh out of law school I have small cash flow and substantial debt which is not a favorable situation for lenders.